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Mastercard Prepares FinInstitutions, Merchants to Deal with Hacks & Data Breaches

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As part of its commitment to creating a safe and secure transaction environment for merchants and financial institutions in the region, Mastercard hosted a mock hack, a data breach exercise aimed at empowering merchants and financial institutions with the information and know-how required to tackle rising cybersecurity threats.

Organized on the back of Mastercard’s Global Risk Leadership Forum Middle East and Africa 2017, the half-day exercise intended to simulate a cyberattack to provide participants with a first-hand experience in dealing with data breaches which are growing ever more sophisticated and frequent.

The mock hack provided an opportunity for participants to understand their particular role in an event of an attack, and how and where to enlist assistance and advice, and know the immediate steps needed to be taken to mitigate the impact of a data breach for all impacted. Merchants were also reminded of best practices to keep their point-of-sale devices from being compromised and prevent sensitive data exposure.

The sessions were conducted by senior Mastercard employees specializing in data breach response and information security, who also briefed the participants of how to facilitate effective exchanges of cyberthreat information and ways to quickly detect active threats before they cause damage.

The exercise also included a segment on law enforcement, where Lieutenant Colonel Saeed Al Hajri from Dubai Police highlighted the role local authorities would play in the case of a cyberattack.

Ron Green, Mastercard Chief Security Officer, said, “Mastercard has been at the forefront of the fight against fraud for over 50 years, and security and integrity of the payment environment remains our No. 1 priority both here in the Middle East and around the world. Facilitating the information exchange and sharing our cybersecurity insights with merchants and acquirers – who are both critical stakeholders in a payment transaction – will help everyone more effectively deal with cyberthreats and data breaches. The data breach exercise that we hosted in Dubai today is in line with our ongoing efforts to promote best practices in dealing with cyberattacks and to facilitate information sharing.”

 

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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